Owners Corporation

Any persons that buy property in an owners corporation become a member of the owners corporation. With that comes both financial and legal responsibilities to the owners corporation.

This area will enable owners access to minutes, reports, financials, budget, maintenance plan and all other information pertaining to the related activities and actions of the Owners Corporation or Owners Corporation Committee.

Common Questions

What is an Owners Corporation (OC)?

When a plan of subdivision is registered and common property is created, an Owners Corporation (formally Body Corporate) is deemed to exist.

The Owners Corporation is the body made up of all the owners in a strata scheme, it has the responsibility for maintaining and repairing the common property of the owners corporation, managing the finances of the owners corporation and taking out insurance of the Owners Corporation.

An Owners Corporation can be a building, or an estate, it can be as small as two lots or it can be as big has 10,000 lots, it can be residential, commercial, retail, industrial or mixed use.

Relative to an estate such as yours, the perfect example of common property would be the Leisure Centres.

Owners Corporation Responsibilities

The registered lot holders on the plan of subdivision are the members of the owners corporation whereas the Owners Corporation has statutory functions to fulfil.

Whilst the functions of an Owners Corporation are more particularly prescribed in the Owners Corporations Act 2006 and Owners Corporations Regulations 2007, they are primarily:

  • Manage and administer estate common property; insure, repair and maintain.
  • Regulatory; enforce estate owners corporation rules and design guidelines.

Resident's Committee

An Owners Corporation Committee is elected at a general meeting and must have a minimum of 3 and a maximum of 12 members.

The Member of the Committee are Members of the Owners Corporation.

The Committee elects a Chairperson and Secretary and is delegated the power by the owners corporation to periodically meet and conduct activities and actions so that the owners corporation fulfils its statutory functions.

Committee decisions and actions are duly recorded in minutes of Committee Meetings.

In accord with the above, the agenda for the first meeting of a newly elected Committee Meeting, may look something like this;

  • Election of Office Bearers, Chairperson, Secretary and Treasurer;
  • Election of any required Sub Committees (would include a Human Resources Sub Committee to overview and assess estate staff),
  • Reminder that Committee Members must act honestly and in good faith in performance of their functions, with due car & diligence and not make improper use of their position;
  • Confirm minutes of previous Committee Meeting;
  • Review Committee Action List;
  • Confirm and adopt Owners Corporation Manager’s Debt Recovery Procedure;
  • Confirm and adopt Owners Corporation Manager’s Rule & Design Guideline Breach enforcement process;
  • Consider and adopt periodic Financial Accounts;
  • Maintenance Plan review and adoption;
  • Consider and adopt Leisure Centre Manager’s Report (would include service contract reviews, repairs & maintenance items and other operational issues pertaining to the Leisure Centre);
  • Consider and adopt Community Development Officer’s Report (would include review, consideration and progress of all estate and community actions and initiatives).

Owners Corporation Manager

An Owners Corporation Manager is a professional responsible for ensuring that the Owners Corporation fulfils its obligations under the Owners Corporations Act 2006 and Owners CorporationsRegulations 2007.

Engine Estates Management Pty Ltd (“Engine”) is the appointed Owners Corporation Managers for the estate and is a recognised leader and dual award winner in the provision of Owners Corporation Management services to award winning estates.

Under contract to the Owners Corporation, Engine are delegated the following duties and responsibilities;

  • Establish, open and conduct bank accounts.
  • Reconcile bank accounts
  • Keep books of accounts covering all income and expenditure and assets and liabilities of the Owners Corporation
  • Prepare periodic and annual financial statements covering all income and expenditure and assets and liabilities of the Owners Corporation
  • Prepare budgets for consideration and approval by the Owners Corporation;
  • Issue Contribution Notices
  • Pay invoices on behalf of the Owner Corporation
  • Arrange insurance valuation for the Owners Corporation covering the cost and reinstatement & replacement of buildings (Leisure Centres)
  • Arrange insurance quotations and pay insurance premium on behalf of the Owners Corporation
  • Maintain the Owners Corporation Register which includes the names & addresses of all owners
  • Convene Owners Corporation Meetings